GTT Communications is acquiring One Source Networks (OSN) for $175 million, a deal that will enable it to further grow its data, SIP trunking and managed service portfolio to serve more Fortune 1000 business customers.

The service provider's acquisition of OSN will include nearly $165 million in cash and about $10 million of GTT common stock and any adjustments for networking capital.

OSN has been a profitable provider. For the 12 months ending June 30, it reported $74.6 million in revenue, gross profit of $31 million, adjusted EBITDA of $13.9 million, and capital expenditures of $2.5 million.

Rick Calder, president and CEO of GTT, said in a release that the OSN acquisition will broaden its multinational customer base and broaden its cloud networking services business.

After meeting regulatory approvals and other customary closing conditions, the two service providers said they expect to close the deal in late October 2015.

"Given our track record of successful acquisitions, we expect to complete integration in two quarters post-close and achieve a post-synergy multiple of 7 times Adjusted EBITDA or better on a pro forma basis," Calder said in a release.

So what does GTT get out of this deal?

GTT gains three primary benefits: it extends worldwide network reach with new points of presence; expands its cloud network services, including SIP trunking and other VoIP services; and increases its multinational customer base and deepens its sales force.

OSN's business customer will gain access to GTT's global network reach and expertise in delivering a broad portfolio of cloud networking services.

Growing through organic and inorganic elements via acquisitions has been an ongoing theme for GTT for a number of years, as it focuses on gaining scale.

This is the second large purchase that GTT has made this year, having previously announced a deal in February to acquire MegaPath's Managed Services business, one that currently serves more than 500 large multinational business customers.

Given its track record of integrating companies quickly, it's likely that GTT will pursue more acquisitions to grow its customer base throughout the rest of 2015 and into 2016.